(MENAFN- Arab Times) Kuwait stocks pulled lower on Wednesday as it resumed its losing streak after a modest rebound in the last session. The bourse, after a firm start, shed 20.75 points to close at 5,814.03 pts weighed by banking shares. Some of the financials and industrials too headed south even as investors turned cautious over the market's direction.
The KSX 15 gauge slipped 2.92 pts to 927.53 pts taking the month's losses to 89 points while weighted index edged 1.23 percent lower. The volume turnover meanwhile dipped below the 200 million mark after bouncing on Tuesday. Over 170 million shares changed hands - a 28.9 percent drop from the day before.
The sectors diverged during the session. Telecommunications outshone the rest with 0.72 pct gain whereas technology dived 3.79 pct, the worst performer of the day. In terms of volume real estate accounted for the highest market share of 41.9 pct while financial services stood next with 30.78 percent. Industrials came in a distant third with 7.74 pct contribution.
Among the prime movers, National Bank of Kuwait retreated 10 fils to KD 0.790 taking the month's losses to 60 fils whereas Kuwait Finance House bucked the market trend to close 10 fils higher on back of 1.5 million shares. Kuwait Food Co (Americana) shed 20 fils extending the steep losses in the last three sessions.
Bourse heavyweight Zain slipped 5 fils to KD 0.375 after trading over 2 million shares whereas Wataniya Telecom (Ooredoo) held steady at KD 1.160. Kuwait Telecommunications Co (VIVA) gained 20 fils and Agility was unchanged at KD 0.590 off early highs.
National Industries Group clipped 2 fils whereas Jazeera Airways climbed 10 fils. The company has posted a 27.1 pct year-on-year surge in H1 net profit to KD 6.2 million while second quarter net profit reached KD 3.2 million - an increase of 14.2% from the same period last year. Operating revenues rose 0.8 percent y-o-y to KD 26.6 million.
The market opened firm and edged higher in early trade. The key index hit the day's highest level of 5,853.82 pts and retreated thereafter as sentiment turned negative. It continued to drift south and plumbed the day's lowest level of 5,806.82 pts in the final minutes before slightly paring back some of the losses at close.
Top gainer of the day, Zimah Holding Co spiked 8.33 pct to 130 fils while Jeeran Holding Co climbed 5.43 pct to stand next. Al Aqaria slid 10.64 percent, the steepest decliner of the day and Al Dar National Real Estate Co topped the volume with 28.5 million shares.
Reflecting the day's drop, the market spread was skewed towards the losers. 33 stocks advanced whereas 66 closed lower. Of the 122 counters active on Wednesday, 23 closed flat. 4015 deals worth over 12 million were transacted - a 42.13 percent fall in value from the day before.
On the upside, Kuwait Portland Cement jumped 40 fils to KD 1.140 while Shuaiba Industrial Co added 10 fils. ALAFCO took in 2 fils and Mashaer Holding followed suit to close at KD 0.114. Safwan Trading Co rose 10 fils with thin trading.
Steady
Boubyan Petrochemicals Co gained 20 fils whereas NICBM and Equipment Holding Co were flat at KD 0.214 and 63 fils respectively. Automated Systems Co slid 25 fils whereas Mezzan Holding Co held steady at KD 1.000.RISCO dropped 10 fils to KD 0.365 and Gulf Cable pulled 15 fils lower.
Qurain Petrochemical Industries Co fell 2 fils and Ikarus Petrolem Industries Co followed suit. The company has recorded a net profit of over KD 4 million and earnings per share of 5.13 fils in the six-month period ending June 30, 2015 as compared to net profit of KD 8.83 million and earnings per share of 11.30 fils in the 2014, H1.
Kuwait Gulf Link and Transport Co inched 0.5 fils down whereas KGL.
Logistics Co dialed up 2 fils. City Group Company closed flat at KD 0.390. The company has posted a net profit of KD 3.56 million and earnings per share of 31.51 fils in the January-June period of 2015.
In the banking sector, Gulf Bank eased 5 fils whereas Al Ahli Bank closed 5 fils higher. Ahli United Bank pulled 10 fils lower and Kuwait International Bank gave up 4 fils to settle at KD 0.228. Commercial Bank was not traded during the day.
Burgan Bank slipped 5 fils and Boubyan Bank followed suit. The bank has posted a net profit of KD 16.03 million and earnings per share of 7.78 fils in the first half of 2015 soaring from net profit of KD 12,57 million and earnings per share of 6.10 fils in the same period last year.
Kuwait Investment Co dropped 4 fils and National Investment Co clipped 2 fils to close at KD 0.110. KIPCO closed flat and Securities House Co too did not budge its earlier close of 51 fils. KMEFIC dialed down 2 fils and Bayan Investment Co was down by same measure.
National Real Estate Co gave up 4 fils whereas Mabanee Co was down 20 fils at KD 0.880. Al Mazaya Holding Co closed 2 fils higher at KD 0.106 on back of 2.6 million shares.
The bourse has been bearish so far during the week and has plummeted 237 pts in the last four sessions. It has dived 437 points from start of the month and is trading 11 pct lower year-to-date. KSE, with 213 listed companies, is the second largest bourse in the region.
In the bourse related news, Kuwait Real Estate Company has registered a net profit of KD 2.39 million and earnings per share of 2.64 fils in the first six-months of 2015 as against net profit of KD 3.49 million and earnings per share same of 3.86 fils in the same period last year.
Gulf Cement Company has posted a net profit of KD 2.45 million and
earnings per share of 0.003 fils in the first half of 2015, down from KD 3.36 million net profit and earnings per share of 0.004 fils in the same period last year.
Al Dar National Real Estate Co has incurred a net loss of KD 132,850 and loss per share of 0.32 fils in the six-month period ending June 30, 2015 as against net profit of KD 761,352 and earnings per share of 1.85 fils in the same period of 2014.
Metal and Recycling Co has incurred a net loss of KD 126,449 and losses per share of 2.48 fils in the January-June period of 2015 as compared to net profit of KD 615,409 and earnings per share of 6.76 fils in 2104, H1.
Kuwait National Cinema Company has clocked a net profit of KD 5.98 million and earnings per share of 62.65 fils in the six-months period ending June 30,215 as against net profit of KD 5.10 million and earnings per share of 51.48 fils in the first half of 2014.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.